The Free Trade Agreement signed between Turkey and the United Kingdom is expected to facilitate the achievement of the trade volume target of $20 billion, which is the trade volume target of both countries.
Foreign Economic Relations Board (DEIK) of Turkey-UK Business Council President Osman Okyay said that the Free Trade Agreement (FTA) signed between Turkey and the United Kingdom will facilitate the achievement of the trade volume target of the two countries of $20 billion.
Osman Okyay made evaluations to the AA reporter on the Free Trade Agreement (FTA) and the Customs Union agreement signed between Turkey and the United Kingdom.
Okyay stated that the approval of Brexit before the end of the year helped to eliminate the bad scenario in Turkey’s regard, and that this is a very pleasing development and that the Brexit transition process once again revealed the need for an urgent update of the Customs Union.
He said, “Because we are not a part of the EU’s negotiations with the UK in this process, the revision of the Customs Union agreement is mandatory,” adding that one of the first tasks of the new period should be this issue.
Reminding that the preparations for a free trade agreement between Turkey and the UK have been going on for a long time, Okyay, expressed that they welcome the signing of the UK’s first FTA with Turkey right after the agreement with the European Union. And said, “This is also important as it demonstrates the strength of our commercial ties. We thank everyone who contributed to the timely preparation of a free trade agreement with the UK, especially our Ministry of Commerce. Because, had this agreement not reached in time, our trade with the UK in our favor would have been damaged. Now things are going very well.”
Okyay stated that the FTA signed between Turkey and the United Kingdom will facilitate the achievement of the trade volume target of the two countries of 20 billion dollars, and underlined that they want to deepen the cooperation between Turkey and the United Kingdom to include the services sector in the near future.
“Turkey is very important for the UK”
Okyay stated that the importance of the United Kingdom for Turkey and Turkey is very important for the United Kingdom and that they believe that the relations between the two countries will develop further in the future.
Pointing out that the Brexit agreement is not just an economic and trade agreement, Okyay said, “It is also a platform that regulates cooperation on various issues such as anti-crime, energy, fishing and data security.”
Okyay stated that the European Union-United Kingdom mutual trade of goods, which reached a volume of 668 billion last year, will be subject to border controls, rules of origin, additional paper works, bureaucracy, and the prevention of free movement of people.
Regarding the FTA signed between Turkey and the United Kingdom, Okyay said, “Considering the overall agreement in Turkey’s respect, it is extremely positive to pave the way for the continuation of the Customs Union conditions in commodity trade, especially in terms of not interrupting the existing and planned cooperation.”
Source: AA / Translated by Bazaar Times Team